Transport Act, 1950

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SEVENTH SCHEDULE.

Transitory Provisions in Relation to the Dissolved Undertakers and the Board.

Section 66 .

Definition.

1. In this Schedule—

the expression “the stated period” means the period of five months ending on the 31st day of May, 1950,

the expression “final ordinary meeting” means, in relation to a dissolved undertaker, the ordinary meeting which that undertaker is required by paragraph 5 of this Schedule to hold.

Continuance or dissolved undertakers for certain purposes.

2. For the purposes of this Schedule but not further or otherwise each dissolved undertaker shall be deemed to continue in existence on and after the establishment date.

Transfers of stocks, shares and securities.

3. A dissolved undertaker shall, at the request of the Board, execute all such instruments and do all such acts as may be necessary to enable the Board to have transferred into its name any stocks, shares or securities held by that dissolved undertaker immediately before the establishment date, and for this purpose the persons who are immediately before the establishment date the directors of that dissolved undertaker shall be deemed to continue in office.

Continuance in office of directors, officers and auditors of dissolved undertakers.

4. The persons who are the directors, officers and auditors of any dissolved undertaker immediately before the establishment date shall be deemed to continue in office for the purpose of the preparation and auditing of accounts and balance sheets of that undertaker for the stated period, the production thereof to the proprietors of that undertaker, the declaration of dividends for the stated period and the summoning, holding and conduct of the final ordinary meeting of that undertaker.

Ordinary meeting of dissolved undertakers to be held in July or August, 1950.

5. An ordinary meeting of each dissolved undertaker shall be held in the month of July or the month of August, 1950, for the purpose of receiving the statements of accounts of that undertaker for the stated period and the declaration of dividends, and the persons who are immediately before the establishment date the proprietors of that dissolved undertaker shall be deemed to be the proprietors of that undertaker for purposes aforesaid and for the purposes of summoning, holding and conducting that ordinary meeting.

Accounts of Córas Iompair Éireann (1945) for the stated period.

6. (1) Córas Iompair Éireann (1945) shall prepare accounts (in the form directed under section 28 of the Act of 1944 but modified so as to be applicable to the stated period) for the stated period, and submit the accounts to their auditors accordingly.

(2) The accounts for the stated period shall be signed by the officer of Córas Iompair Éireann (1945) responsible for the accounts or any part thereof and by the chairman of the directors of Córas Iompair Éireann (1945).

(3) Córas Iompair Éireann (1945) shall forward six copies of the accounts for the stated period to the Minister not later than the 30th day of July, 1950.

(4) Córas Iompair Éireann (1945) shall, not later than twenty-one days before the final ordinary meeting, forward to every person, who was the holder of common stock of Córas Iompair Éireann (1945) immediately before the establishment date, a copy of its accounts (prepared in the form directed under section 28 of the Act of 1944, but modified so as to be applicable to the stated period) for the stated period.

(5) If any account prepared and forwarded under this paragraph is false in any particular to the knowledge of any person who signs the account or any part thereof, that person shall be liable on conviction or indictment to imprisonment with or without hard labour for a term not exceeding one year or to a fine not exceeding one hundred pounds, and on summary conviction to a fine not exceeding fifty pounds.

Accounts of Grand Canal Company for the stated period:

7. The Grand Canal Company shall cause accounts to be made up for the stated period, as if the stated period were a year.

Provisions in relation to Income Tax chargeable on dissolved undertakers.

8. (1) A dissolved undertaker shall, on and after the establishment date, continue to be liable under the Income Tax Acts to prepare and deliver any statement, return or particulars required for the purposes of those Acts for any year of assessment ending on or before the 5th day of April, 1951.

(2) Assessments to income tax for any year of assessment ending on or before the 5th day of April, 1951, may be made on a dissolved undertaker on or after the establishment date, and income tax in respect of any such assessment so made, which shall have become final and conclusive, shall, when it becomes due and payable, be deemed to have become due and payable before the establishment date.

(3) For the purposes of subparagraphs (1) and (2) of this paragraph the secretary of the Board or other officer performing the duties of secretary of the Board shall be deemed to be secretary of a dissolved undertaker or other officer performing the duties of secretary of that dissolved undertaker.

(4) The Board shall be and is hereby empowered to deduct out of the emoluments of any person holding an office or employment of profit under the Board any income tax charged on Córas Iompair Éireann (1945) in respect of any office or employment of profit held by such person under Córas Iompair Éireann (1945).

Payment by the Board of expenses of dissolved undertakers and dividends declared by dissolved undertakers at final meetings.

9. Any expenses incurred by a dissolved undertaker under this Schedule and any dividend declared by any dissolved undertaker shall be paid by the Board.